Currency markets - Spanish property
Below is a MRR and PLR article in category Finance -> subcategory Other.
Currency Markets and Spanish Property
Summary of Overnight News
The FTSE-100 is set to open significantly higher, driven by strong performances from the New York markets last night. IBM reported an 11% increase in second-quarter profits, slightly surpassing analyst expectations despite continued weak revenue growth. Executives noted challenges in IBM's major divisions: services and hardware. From April to June, IBM earned $2.02 billion or $1.30 per share on $21.9 billion in revenue.
In Asia, stock prices rebounded during the morning session. This recovery followed a 400-point drop in the Nikkei, as bargain hunters returned, buoyed by Wall Street’s overnight success. However, cautious optimism prevailed, with investors awaiting US June CPI data, Federal Reserve Chair Ben Bernanke's Congressional testimony, and earnings from major tech firms like Intel, Apple, and Microsoft.
The Hang Seng rose by 99.77 points to 16,143.71, while the Nikkei increased by 184.11 points to 14,621.35. Meanwhile, oil prices climbed in Asia due to ongoing concerns over Iran's nuclear ambitions and Israel's actions in Lebanon. Light sweet crude for August delivery rose to $73.91 a barrel, up from $73.54, while Brent North Sea crude for September increased to $74.94.
US and Global Economic Indicators
- US Figures:
- 13:30: US CPI (June) %m/m: Previous 0.4
- 13:30: US CPIX (June) %m/m: Previous 0.3
- 13:30: US Housing Starts (June): Previous 1957
- 13:30: US Building Permits (June): Previous 1932
- 13:30: CA Leading Indicators (June) %m/m: Previous 0.3
- 15:00: US Bernanke Report on Economy & Fed Policy
A leading investment bank in London expects the core CPI reading to be crucial for the Federal Open Market Committee's decision on August 8. Their forecast suggests a benign core CPI reading for June, potentially prompting the Fed to pause interest rate hikes, although this is a close call. A 0.3% increase in the core index could significantly impact inflation expectations and necessitate further tightening. Bernanke's testimony at 15:00 will be crucial for shaping market expectations and providing insights into the Federal Reserve's future actions.
UK Economic Indicators
- Figures at 09:30:
- BoE MPC Minutes Expected: 7-0 (Previous: 7-1)
Current exchange rates include EUR/USD at 1.2495, GBP/USD at 1.8280, GBP/EUR at 1.4630, and USD/JPY at 117.45.
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